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Global Energy Storage Market Sees Biggest Leap Ever

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Global Energy Storage Market

The global energy storage market nearly tripled in 2023, according to BloombergNEF‘s H1 2024 edition of their “Global energy storage outlook” report.

This astounding growth comes likely off the back of the biggest price drop ever for energy storage. In China specifically, February costs for turnkey energy storage systems were down by 43% compared to 2022, reaching an all-time low of $115 (£92) per-killowatt-hour.

BloombergNEF predicts a continuation of this trend, with the global energy storage market expected to add over 100 gigawatt-hours of capacity for the first time in 2024. Unsurprisingly, China is poised to be the largest contributor to this increase, maintaining its position as the dominant force in the global energy sector.

By 2030, BloombergNEF forecasts the market to grow by 21% annually, reaching 137GW/442GWh. This period is also expected to witness a simultaneous rise in the global solar and wind markets, estimated to grow at compound annual rates of 9% and 7% respectively. These surges are largely attributed to a variety of supportive mandates and targeted subsidies across the globe.

As seen in China, falling prices for energy storage will be key to supporting more economic deployments around the world. Lithium iron phosphate (LFP) batteries, which don’t use nickel and are still taking market share from lithium-ion batteries that do, have been the major reason for these falling prices.

Findings by: BloombergNEF

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